Crypto analyst and long-term crypto investor Jelle has highlighted an interesting historical pattern that suggests this could be February bullish for Bitcoin. This would undoubtedly be a relief for BTC investors facing a bearish January for the flagship crypto token.
Why February Could Be Bullish for Bitcoin
Jelle mentions in an X (formerly Twitter) after that “February should be strong” for Bitcoin “if history keeps repeating itself.” The history he is referring to is the pattern in which February manifests itself a green month for Bitcoin after it had a bearish January and closed the last four months of the previous year in the green.
Facts from Coinglass shows that the only other times (2015 and 2016) BTC closed in the green for the last four months of the year, but then a bearish January and then a bullish February. Last year, Bitcoin closed September, October, November and December in the green, largely thanks to the frenzy surrounding the month Discover Bitcoin ETFs.
Source: X
With the historical pattern in mind, Jelle expects February to be another green month for Bitcoin. Interestingly, Bitcoin’s gains in February 2016 and 2017 were significant, at 20% and 23% respectively. As such, there is not only the possibility that February will be green for Bitcoin, but also bring huge gains for the crypto token.
The bull market continues
In a more recent one X messageJelle highlighted how Bitcoin was back above the $42,000 level and hinted that there could be more movement to the upside as he stated that the ‘bull market continues’. The crypto analyst is known as a renowned trader, just like him mentioned before how his strategies helped him reach the bottom of BTC and sell the top.
His X messageYou could see that Jelle predicted that Bitcoin could rise as high as $53,000 on the next significant upward move. Interestingly, the accompanying graph showed that there was a good chance this would happen at some point in February. Such a step will once again establish the historical pattern that Jelle emphasized earlier.
No matter what happens in FebruaryBitcoin investors can still take solace in the fact that Bitcoin still has over 500 days of bullish momentum, according to crypto analyst Ali Martinez. Bitcoin whales have remained steady so far, with an increase in those owning 1,000 BTC or more despite the recent price drop of the flagship crypto token.
At the time of writing, BTC is trading just above $42,000, down more than 1% in the past 24 hours, according to facts from CoinMarketCap.
Featured image from The Financial Commission, chart from Tradingview.com
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